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Abcam returns to growth with first-half revenue up over 8%
StockMarketWire.com
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Life science research tools supplier Abcam said it has returned to growth, with an 8.3% increase in total first-half revenue for the six months to 31 December 2020.
The company said that when it reports its results on 8 March 2021, it expects to announce total first-half revenue of £147.5 million, representing growth of 8.3% on a constant currency basis and 6.7% on a reported basis.
In a trading update, Abcam revealed that in-house products represented more than 55% of total revenue and grew by over 25%.
On a constant currency basis, catalogue revenue, representing 95% of the total, grew approximately 8% in the half, while CP&L revenue saw double-digit growth.
Abcam announced it recorded high single- to double-digit growth in all regions other than the Americas 'where customer laboratory activity has been more constrained due to COVID-19'.
Gross margin is expected to be in line with expectations at approximately 70.5% and therefore ahead of the first half of 2020.
Chief executive Alan Hirzel said: 'It is great to see the business return to growth in a market environment where demand is well below normal levels.
'This performance gives us confidence in the long-term opportunity at Abcam.'
At 1:40pm: (LON:ABC) Abcam PLC share price was 0p at 1410p
Story provided by StockMarketWire.com
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